IRDAI issues clarification on mandatory linkage of Aadhaar number to Insurance Policies

Insurance Regulatory and Development Authority of India (IRDAI) vide notification dated November 08, 2017 has issued clarification on mandatory linkage of Aadhaar number to Insurance Policies. Central Government had notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aadhar and PAN/Form 60 mandatory for availing financial services including Insurance and also for linking the existing policies with the same.

The Authority clarifies that, linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.

These Rules have statutory force and, as such, Life and General Insurers (Including Standalone Health Insurers) have to implement them without awaiting further instructions.